Doubtfulness of meaning is dangerous - even more so for businesses - that continuously seek to drive lasting organizational change. Learn how to deal with ambiguity in this crucial time and age when change, volatility, and industry disruption are the routine; whereas stability and predictability are unusual.
A case in play - Reliance Jio!
Reliance Jio has entirely disrupted India's telecom landscape. With prices slumped amid intense competition that put pressure on the existing operators, it is consumers who emerged out to be the ultimate winners. Jio's entry disrupted the country's telecom and data usage in a number of strategic and much-needed ways, including - it made mobile data consumption in India to go up from 20 crore GB/month to a 150 crore GB, data tariff costs fall from Rs 250/GB to Rs. 50/GB, etc among many others.
However, the consumer-centric disruption brought a number of challenges for existing operators. SIM activation time (when done digitally) goes down from minimum 1 day to minimum 15 minutes, and Average revenue per user (ARPU) goes down from Rs 141 to Rs 131. Such a situation made the industry even more competitive, and existing players had been faced with challenges of adapting to a newer strategy to sustain and survive. There were a lot of ambiguities as far as strategy formulation was concerned in an industry known for unpredictability. There was a strong concern Jio's entry might shut down or consolidate businesses.
Idea merges with Vodafone to create India's largest, world's 2nd largest telecom company (source)
In such volatile ecosystem, only brands with a strong market perception, futuristic strategy and informed leadership could survive - although at a cost of change.
Airtel launches Rs499 plan with unlimited calls, 20 GB data (source)
Not just telecom industry, almost all the emerging sector today are phasing through an extremely challenging time. Volatile economy, evolving consumer demands, rules and regulations are bringing challenge at the forefront of every company, which they need to deal with stability, in order to survive and sustain.
Ambiguity - in standalone forms and types - will exist as long a business exists. And, therefore; the best way to deal with it is to devise a straightforward, and futuristic strategy.
Dealing with ambiguity for today's leaders
Give away the urge to control everything - Quite often; people want to feel like they are every time in control of their business. This results in stress when ambiguity enters the scene. The business world is evolving at a faster rate than it did just a few years ago, and as an owner or decision maker, you should let your business grow, without having to control it.
Learn to act without the complete picture
In an ambiguous world, it is hard to obtain a complete picture whenever you want. The most logical way to deal with less information at a time is to make a decision based on the information you have. Wait for the information to produce more information!
Believe that some of your decision might be wrong
Ambiguity means you might make wrong decisions. But it is natural to make mistakes in a business and it is useful, as long as you see the mistakes as learning opportunities.
Realize that there is no clear cut, defined and regulated path to success
Success is hard to achieve and you can never actually judge and measure it in truest possible variants - because it keeps evolving and grow or reduce; depending on your decisions. The path that leads to success is all about taking proper decision and grow.
Be confident in your decisions and attitude
The best way to deal with uncertainty is to believe on your decision and potential. Confident people take risks, are not afraid to be wrong, they avoid spotlight and they believe in their decision
Other awesome ways to deal with ambiguity
- Listen to your voice
- Take advice and ideas
- Discover, Uphold, and Live a Definitive Purpose
The most important thing in current scenariois to remove rigidity and brig in more flexibly in existing business processes; build capability to respond to new demands /challenges posed by the world. The idea is to redesign the whole operating system, which has lot of room for experimentation. A great way to accelerate your organizational agility is to train yourself in popular courses such as Lean Six Sigma Problem Solving Simulation - learn to lead, with little or no ambiguity! It is extremely effective to address and solve problems within your business sphere.